Siosiua ‘Utoikamanu, Chair of the Pacific Catastrophe Risk Insurance Company (PCRIC), has emphasized the urgent need for financial and institutional resilience among Pacific Island nations in the face of escalating natural disasters. His call for regional unity and visionary leadership was made during the opening of the three-day Pacific Regional Disaster Resilience Financing Workshop held in Suva.
Utoikamanu underscored that the future security of these nations relies heavily on their ability to collaborate effectively. He stated, “Our future security is fundamentally predicated upon the strength of our regional partnership,” pointing out that the geographical vulnerabilities shared by Pacific countries necessitate collective solutions and decisive action.
Since its establishment in 2016, PCRIC has been instrumental in enhancing disaster risk management across the region, offering immediate financial aid to member countries following disasters and fostering long-term capabilities in climate and disaster risk financing. Utoikamanu noted, “We provide rapid equity and essential cash support to member nations in the immediate aftermath of a disaster, ensuring that fiscal stability is maintained during periods of crisis.”
The threat posed by natural disasters is a pressing reality for Pacific nations. Utoikamanu illustrated that these incidents significantly strain national budgets, disturb essential services, and jeopardize decades of development progress.
The workshop, supported by the Asian Development Bank and other partners, is designed to strengthen regional approaches, bridge existing gaps, and enhance strategies for disaster risk financing. Utoikamanu encouraged participants to not only acquire technical knowledge but also to foster a renewed sense of sovereign ownership, urging them to become “the architects of resilience within your respective administrations.”
He concluded with a challenge to Pacific leaders, emphasizing that the effectiveness of disaster risk financing extends beyond institutional frameworks; it requires inspirational leadership. “Your leadership is the bridge between theoretical preparedness and the practical protection of our people,” he asserted.
As the Pacific region confronts the rising frequency and costs associated with natural disasters, this workshop is poised to catalyze constructive dialogue and foster stronger collaboration, paving the way for a more secure future for the area.